Amanita~~
The scam was those who pleaded the fifth, duh, why is the obvious so hard for one to see?
The scam was ALL the bogus reports that Boone and Baker and Blair put out. The scam was how Mp and etal, were able to fool good people into believing he and his cronies could take a great technology and get it ready for prime time.
The scam is not in a "word", the scam is the person and persons who are purposely being deceptive.
Mr. Brumfield has the real education, the one people earn through actually building something from nothing. His education and accomplishments have real believers and funders that have "obviously" backed him. A fact.
I believe creditors need 8 cents to break even from the monies that they are owed.
Now lets take another quick look at an SEC filing from Mr. Brumfield and Cdex Inc: A filing that is in the PUBLIC DOMAIN. Another words, it says WHAT IT SAYS. My points are in bold black after each sentence.
"""""In our Form 10-K filed on January 30, 2012, we indicated that we would require financing on an ongoing basis unless and until we are able to support our operating activities with additional revenues. Notice how Mr. Brumfield is being straight up about the company needing financing. Just straight up truth from the CEO.
In December 2011, we were arranging for another level of financing. Mr. Brumfield was working on getting funding into Cdex, another straight truth.
The individuals offering the new financing required certain concessions from our then existing note holders before they would release the funds to us. Pay close attention to this sentence. These are the ones you keep calling STUPID. The funders are smart business men/women and they mapped out a plan that the NOTE HOLDERS would have to accept before they would release funds to Cdex. No concessions, no funds, and no Cdex. All note holders KNEW Cdex was out of CASH.
All but three of the note holders agreed to the required concessions. All NOTE HOLDERS knew that Cdex had funding ready to come in. But Mp, Gf, and jr were hell bent on taking the company down because they thought they could power play the funders. Plus, they were without a job and had their feelings hurt.
The three dissenting noteholders, including Malcolm H. Philips, Jr., our former CEO, and Gregory Firmbach, our former President, declared us in default on their notes. Hello, does one understand what these two did? Once these two sent their letters in, declaring Cdex in default, it took Cdex into bankruptcy. The only reason Cdex did not go chapter 7 was because the funders and Mr. Brumfield chose not to let that happen. 14 said yes and a former CEO and President, and tv watcher said no.
Because all note holders did not agree to the concessions, the funds were not released to us. The company did not have to go into BK, but Mp, Fb, and jr forced Cdex into BK. 14 said yes and 3 said LETS TAKE CDEX DOWN!
Within the first week of February 2012, we had essentially exhausted all available cash and did not have access to other sources of cash to fund ongoing business operations You see, these funders which you call stupid, understand how it works, and all Mp, Fb, and jr had to do was say yes with the other 14 note holders, and Cdex would have had more funding dollars to work with. Instead, these three wanted to destroy all the shareholders and creditors chances of ever getting a penny back.
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On February 10, 2012, we filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code. Cdex was forced into BK by three who knew the company had NO monies.
As of the date of the filing of this quarterly report, we continue to operate our businesses as debtors-in-possession under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code. This would have been the perfect time for the funders to say to heck with all the shareholders and creditors. Got rid of all the filing rules, took the tech and went their own way. But the funders did what they felt was right, despite the efforts of the Mp,Fb, and jr to BK the company. The funders had the choice, to go private or stay public.
There is substantial doubt as to our ability to continue as a going concern. During the pendency of the bankruptcy case, investments in our securities will be highly speculative."""""
As they still are today. Imo, the funders which are very engaged will see this effort through. They would like to see ALL shareholders and creditors make money. Just a simple fact.
AI
